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Simple English definitions for legal terms

marshaling doctrine

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A quick definition of marshaling doctrine:

The marshaling doctrine is a rule that says if a big creditor has the right to get money from two or more places to pay off what they are owed, and a smaller creditor can only get money from one place, the big creditor has to use the money from the places that the smaller creditor can't get money from first. This is called the rule of marshaling assets.

A more thorough explanation:

The marshaling doctrine is a principle that applies when a senior creditor has access to multiple funds to pay off their debt, while a junior creditor only has access to one fund. In this situation, the senior creditor must first use the funds that the junior creditor does not have access to before using the fund that the junior creditor relies on.

Let's say that a company owes money to two creditors: Bank A and Bank B. Bank A has a senior position and has access to two funds: Fund X and Fund Y. Bank B has a junior position and only has access to Fund Y. If the company defaults on its debt, Bank A must first use Fund X to pay off its debt before using Fund Y. Only after Bank A has exhausted Fund X can it use Fund Y. This ensures that Bank B has a chance to recover its debt from Fund Y.

This principle is important because it protects the rights of junior creditors and ensures that they have a fair chance to recover their debt. Without the marshaling doctrine, senior creditors could use all available funds, leaving junior creditors with nothing.

marshaling assets, rule of | marshaling the evidence

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9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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